The GBPJPY and EURJPY are set up nicely for declines here. I see the GBPJPY as further extended and a better trading opportunity though. The wave count suggests a pullback is warranted and there is a confluence of support around the 161 area which is the 50% Fibonacci retracement level, and the area of the previous 4th wave. So I want to get short with a target near those levels. Here is my trade:
Short now at 161.88
Stop loss at 162.50
Profit target at 161.30
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.